Paragraph 52 Company’s lien over partly paid sharesI1

United Kingdom

(1)

The company has a lien (“the company’s lien”) over every share which is partly paid for any part of—

(a)

that share’s nominal value, and

(b)

any premium at which it was issued,

which has not been paid to the company, and which is payable immediately or at some time in the future, whether or not a call notice has been sent in respect of it.

(2)

The company’s lien over a share—

(a)

takes priority over any third party’s interest in that share, and

(b)

extends to any dividend or other money payable by the company in respect of that share and (if the lien is enforced and the share is sold by the company) the proceeds of sale of that share.

(3)

The directors may at any time decide that a share which is or would otherwise be subject to the company’s lien shall not be subject to it, either wholly or in part.

Annotations

Commencement

I1: Sch. 3 art. 52 in force at 1.10.2009, see reg. 1